PTT Week 3 - Estimating (Chat)

What is the primary challenge of estimating early in the project lifecycle?

In cost estimation, what does the 'accuracy trumpet' depict?

Which estimation method is most appropriate when a project scope is well defined and historical data is available?

What is a key disadvantage of using a 'parametric estimation' approach?

In the context of estimating, what does 'padding' refer to?

The 'Three-Point Estimating' method uses which formula for the Beta (PERT) estimate?

When should the 'Rough Order of Magnitude' (ROM) estimate be used?

How can the impact of optimistic bias in estimates be minimized?

The learning curve effect is most useful when:

Which of the following is NOT a typical component of a project cost baseline?

You are tasked with preparing a quick estimate for a project with limited scope definition. The project sponsor needs this estimate within the hour. Which estimation method should you use?

Your team has consistently underestimated task durations due to optimism bias. What is the best approach to mitigate this in future estimates?

You are preparing a cost estimate for a project that involves complex, repetitive tasks. What method would most likely yield the most accurate estimate?

The project sponsor has requested a detailed estimate for a critical deliverable that has a high level of risk and uncertainty. Which estimating technique should you apply?

A stakeholder is concerned that your estimates may be padded. How can you justify your estimates and demonstrate transparency?

You are working with a team member who consistently applies deliberate padding to their estimates due to fear of missing deadlines. What is the best approach to handle this issue?

The project involves tasks that your team has never performed before, and there is limited historical data available. What estimating method should you consider using?

Your team has completed a rough order of magnitude (ROM) estimate early in the project. As the project progresses and more information becomes available, what should you do with the initial estimate?

You notice that several tasks in your project have been underestimated due to the 'Student Syndrome.' What is a practical solution to mitigate this behavior in future estimates?

Your sponsor is concerned about the accuracy of the project's cost estimates, given the volatile market conditions. Which action would best address this concern?

A client has requested an estimate for a project where the scope is vaguely defined and may change. Which estimation method would provide the most flexibility?

During the estimation process, you discover that several team members are affected by Parkinson's Law. How should you address this issue in your estimates?

A project requires multiple iterations of a complex deliverable, with each iteration expected to become more efficient. Which estimating technique would best account for this learning effect?

Your project involves significant overtime, and you notice an increase in defects and errors. What should be your next step?

A stakeholder demands a highly precise estimate early in the project, but the scope is still unclear. How should you respond?

You have been assigned to estimate a project with several unknown risks. What should you include in your estimates to account for these uncertainties?

Your client requests a detailed estimate breakdown for a project using a Three-Point Estimating method. They want to understand the most likely, optimistic, and pessimistic scenarios. What is your next step?

During a review of your estimates, you identify that some tasks have been influenced by the 'planning fallacy.' What is a good approach to correct this bias?

The project sponsor has requested an aggressive timeline that significantly shortens the estimated duration. What is the best approach to handle this request?

You are using a bottom-up estimating approach, but one task has highly uncertain resource requirements. What should you do to improve the accuracy of your estimate?

A key deliverable in your project has a high degree of variability in its cost due to fluctuating material prices. How can you best manage this in your estimate?

A task has been completed faster than estimated, but the project budget remains unchanged. What is a potential consequence of this outcome?

Your estimates are being challenged for being too conservative. What can you do to address these concerns while maintaining a realistic project timeline?

You are finalizing a cost estimate for a complex deliverable. The team has provided a range of optimistic and pessimistic values. Which method would help you develop a balanced estimate?

You have been asked to provide a final estimate for a deliverable with high uncertainty due to ongoing market fluctuations. How should you approach the estimation to account for this risk?

Which estimating technique uses historical project data and adjusts for differences in project size and complexity?

The use of a learning curve in estimating assumes that:

What is a significant risk when relying solely on expert judgment for project estimates?

When should you use the 'parametric estimating' method in a project?

Which of the following best describes the relationship between the accuracy of an estimate and the level of project planning completed?

In which scenario would you prefer a Rough Order of Magnitude (ROM) estimate over a Bottom-up estimate?

How does Parkinson's Law affect project estimation?

What is the main advantage of using Three-Point Estimating with the Beta distribution (PERT)?

Why is it important to document the assumptions used in the estimation process?

Which method is most suitable when estimating costs for a project deliverable that has been repeated multiple times across past projects?

In what situation would a management reserve be applied to a project estimate?

What is the primary purpose of using a 'basis of estimate' document?

Which of the following is a potential drawback of using a Bottom-up Estimating approach?

In the estimation process, what does 'contingency reserve' specifically cover?

What is the main difference between 'direct costs' and 'overhead costs' in project estimating?

Early Project Estimation Challenges

Accuracy Trumpet

Well-defined Scope, Historical Data

Parametric Estimating

Parametric Estimating Drawback

Padding in Estimation

PERT (Three-Point Estimate) Formula

Rough Order of Magnitude (ROM)

Optimism Bias in Estimates

Learning Curve Effect

Project Cost Baseline

Analogous Estimating

Bottom-up Estimating

Expert Judgement

Contingency Reserve

Management Reserve

Parkinson's Law

Three-Point Estimating

Planning Fallacy

Schedule Compression

Economic Price Adjustment

Direct Costs

Overhead Costs

Basis of Estimate